One sign that President Biden’s student-loan cancellation isn’t playing well politically is the push by Democratic Senators to extend the write-off to parents who borrowed to pay for college for their children.
Congress created the Parent PLUS loan program in 1980 to help middle-class families. Undergraduate federal loans for dependent students are capped at $31,000, but parents can borrow an unlimited amount to cover the gap between what colleges charge and their children receive in financial aid. About 3.6 million parental borrowers owe the government some $107 billion.
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